Master of Business Administration (MBA) is one of the most sought after courses in today’s scenario and many graduates and young professionals are leaving no stone unturned to take admission in one of the top B-schools in the country. Many want to pursue an MBA degree to enhance their career path or to have better career options. Apart from the placements and quality of education offered at the institute, the fee is another important factor that candidates consider while choosing a B-School. Pursuing an MBA is an expensive affair and many have to put their MBA dreams on hold due to the high cost involved.
Before we make any sort of expenditure, we always set a budget and look for products within that budget only. The same principle applies while choosing a B-School. The candidates should decide on a fee range that they are ready to spend on the course and list out their B-School preferences accordingly. Unfortunately, not all the top B-schools are in the budget of those who aspire to be a part of them. During the preparation journey, the candidates should ensure that their list of B-Schools is within their budget and should apply for those only. While some can manage to arrange for the funds, others are not able to and have to settle for an institute that is not as good as their first option. Pursuing an MBA in one of the top B-schools in the country can range anywhere between Rs. 1 lakh to Rs. 15 lakh.
Some B-Schools offer educational loans to aspirants to reduce their financial burden allowing them to pursue MBA at their preferred institute. Taking an educational loan can solve the financial problems of many students. Low or no down payment options and easy EMI options payable only after placements have made loans more accessible. The interest rates on education loans are also quite reasonable. Some special education loans designed particularly for MBA courses are also available. Many banks tie up with the premier league B-Schools to offer education loans to the students.
One of the most important factors considered by the banks while tying up with institutes to offer education loans is the institute’s placement record. Institutes with a good placement record and high salaries offered to students indicate better record of loan repayment. Such institutes are better trusted by banks and the students are offered better structured loans. The interest varies from bank to bank, with 11% - 15% being the average interest rates, depending on the fee. Some banks give further concession to female candidates. Some of the banks that have tie ups with premier B-Schools are – State Bank of India (SBI); Central Bank of India, Union Bank of India, Andhra Bank and many others.
Another option to finance the MBA course is to look for financial aid and Scholarships from the particular institutes. Many institutes, if not all, offer financial aids and Scholarships to students from economically backward classes and also to candidates with a good academic record. A good academic record is very important to be eligible for a full or partial scholarship. Being from an economically or socially backward class can help the student get concession in the fees or a financial aid from an external agency also. Therefore, candidates should ensure that the B-School of their choice offers financial aid or Scholarships to help pay for their course.
Hence, while listing out the preferred B-Schools the candidates should make sure that those particular institutes are within their budget or make financial arrangements by applying for a loan or scholarship so that there is no financial constraint while pursuing the course. With ample Scholarships and educational loans being available for students today, the MBA aspirants are much relieved from the burden of educational expenses.
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